📢 Gate Square #Creator Campaign Phase 2# is officially live!
Join the ZKWASM event series, share your insights, and win a share of 4,000 $ZKWASM!
As a pioneer in zk-based public chains, ZKWASM is now being prominently promoted on the Gate platform!
Three major campaigns are launching simultaneously: Launchpool subscription, CandyDrop airdrop, and Alpha exclusive trading — don’t miss out!
🎨 Campaign 1: Post on Gate Square and win content rewards
📅 Time: July 25, 22:00 – July 29, 22:00 (UTC+8)
📌 How to participate:
Post original content (at least 100 words) on Gate Square related to
The crypto market is weak, Bitcoin has fallen below support, and ETH-related projects are relatively resilient.
Crypto Market Weekly Report: Social Innovation and ETF Applications Draw Follow
This week, the overall performance of the crypto market has been weak, with the US dollar index approaching its annual high, putting pressure on risk assets. Bitcoin has fallen below important support levels, while Ethereum-related projects have performed relatively well. The NFT market continues to decline, with blue-chip projects generally experiencing a downturn.
Market Overview
The price of Bitcoin has fallen below the weekly support level, continuing to consolidate sideways since the peak in March. The trading volume on centralized exchanges has dropped to the level of the end of last year, while decentralized exchanges remain stable. The Ethereum/Bitcoin exchange rate has strengthened, and altcoins have seen some rebound.
Main focus:
BLAST: Ethereum-based L2 project, recently conducted a points airdrop
KAS: PoW public chain, the first KRC-20 meme token is about to launch.
LISTA: BSC chain algorithm stablecoin, new mining activity
Institutional funds have seen a net outflow for two consecutive weeks, but there has been an increase in inflows for altcoins. The MVRV indicator has dropped to 1.8, entering the middle zone. The long-short ratio in the futures market is 2.4, indicating a high bullish sentiment among retail investors.
Public Chain Data
This week, the total locked value ( TVL ) decreased by 5.6% to 95.3 billion USD. The TVL of mainstream public chains generally fell, with BLAST down 27% and Arbitrum down 9%.
Ethereum still dominates, but its share has declined. BSC, Tron, Arbitrum, and others follow closely. In terms of protocols, DeFi blue chip projects like Lido, MakerDAO, and Aave still hold a major share.
NFT market
The NFT market continues to be sluggish, with major blue-chip projects experiencing significant declines in floor prices:
Trading volume has slightly decreased, and the number of first-time and repeat buyers is also declining. The overall market environment remains severe.
Outlook
In the short term, the market still faces many uncertainties and needs to closely follow factors such as the dollar trend and institutional fund flows. There may be opportunities in Ethereum ecosystem projects, but caution is still required overall.